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Simple Interest
Compound Interest
Mortgages & Loans
Statistics Vocabulary
Sampling & Data
100
I = P r t
State the simple interest formula.
100
Interest calculated on principal plus previously earned interest.
What is compound interest?
100
A long-term loan used to buy real estate, secured by the property.
What is a mortgage?
100
A sample
What term names a subset of a population?
100
A sample selected so members have a known/equal chance of selection, reducing selection bias.
What is a random sample?
200
$40
Find the simple interest on $500 at 4% for 2 years.
200
A = P(1 + r/n)^(nt)
State the compound amount formula.
200
$200,000
A $250,000 home has a $50,000 down payment. What principal is financed?
200
Categorical or qualitative data
Eye color is what type of data?
200
A biased/convenience sample
Surveying only gym members about city exercise habits is likely what kind of sample?
300
$1,380
A $1,200 simple-interest loan earns 5% for 3 years. What is the payoff amount?
300
$1,102.50
$1,000 earns 5% compounded annually for 2 years. What is the account value?
300
360 payments
How many monthly payments are in a 30-year mortgage?
300
The sum of data values divided by the number of values.
What is the mean?
300
Discrete quantitative data
Number of siblings is discrete or continuous quantitative data?
400
5%
If I = $90, P = $600, and t = 3 years, what simple interest rate r was used?
400
4
If interest is compounded quarterly, what is n?
400
It decreases; the principal portion generally increases.
In a typical amortization schedule, what happens to the interest portion of each payment over time?
400
A statistic
A parameter describes a population; what describes a sample?
400
Values or sample results differ rather than being identical.
What does variation in data or samples mean?
500
$90
Find simple interest on $2,000 at 6% for 9 months.
500
$3.60; compound value $1,123.60 versus simple value $1,120.00.
$1,000 at 6% for 2 years: annual compound interest beats simple interest by how much?
500
$450,000
A monthly principal-and-interest payment is $1,250 for a 30-year loan. What total is paid over 360 payments?
500
Spread or variability around the mean.
What does standard deviation measure in a data set?
500
Experimental
A researcher assigns one group a treatment and another a comparison condition. Is this observational or experimental?